1 in 3 Tokyo area stations now require JPY 10 million plus incomes to buy new condos
- Adam German
- Aug 4
- 2 min read
On July 31st, real estate data provider Tokyo Kantei released an update on housing affordability in the Greater Tokyo Area, revealing that new condominium purchases increasingly require higher household incomes.
The Greater Tokyo Area includes the prefectures of Tokyo, Kanagawa, Chiba and Saitama collectively.
Based on 2023 income multiple data and new condo prices (converted to a 70m² unit equivalent), Tokyo Kantei calculated the estimated minimum household income needed per train station to afford a new-build condo using a standard mortgage.
As of 2024, 38.3% of stations with new condo supply require a household income of ¥10 million or more, up from 25.4% in 2019.
Greater Tokyo station map provided by Tokyo Kantei, edited by Patience Realty.
The number of stations requiring:
¥20 million or more rose to 21 stations (7.4%) - up from 5 stations (1.4%) in 2019
¥15 million or more grew to 40 stations (14.2%) - nearly triple the 2019 figure of 15 stations (4.2%)
¥10 million or more increased to 108 stations, up from 90 stations in 2019
The income thresholds reflect a shrinking middle-class buyer pool for new condominiums in the Tokyo region.
“What began as a luxury market centered on the southern JR Yamanote Line has now spread to the north side, neighboring areas, and even parts of central Yokohama and the Jonan area” Tokyo Kantei noted in its release.
In 2019, the ¥10 million-plus threshold was mostly confined to central Tokyo’s 23 wards. In 2024, those properties have largely disappeared from core Tokyo and are now emerging farther out - in terminal stations like Yokohama, Kita-Senju, and Nishi-Funabashi.
Developers Shift Toward Wealthier Households
Tokyo Kantei attributes this affordability challenge to a combination of rising construction costs (from labor and material inflation) and strategic targeting by developers.
Many large firms are focusing their condo developments on high-income & dual-income households - coined “power families” and “power couples” - often with household incomes of ¥15 million to ¥20 million and above.
This shift is reshaping the profile of buyers, as developers increasingly tailor inventory to the wealthiest segment of Tokyo’s population.
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Most Expensive Stations in 2024
According to Kantei, the three train stations with the highest estimated household income requirements in 2024 were:
Shirokane-Takanawa (Toei Mita Line) - ¥42.33 million
Omotesando (Tokyo Metro Ginza Line) - ¥41.77 million
Azabu-Juban (Tokyo Metro Namboku Line) - ¥38.57 million
Income requirements at these top stations have surged over 100% since 2019.
Methodology
The “estimated required household income” is calculated by dividing the average new condo price (70m² equivalent) by the median income multiple from Japan Housing Finance Agency’s Flat 35 Borrower Survey. The most recent income multiple available was from 2023; Tokyo Kantei used this as a proxy to calculate 2024 values.
Further Reading:
Tokyo Kantei 2024 Greater Tokyo New Condo Income Requirement Report (Japanese only)
Source:
R.E. Port News (Japanese only)
